Exhibit 99.1
                                                                    ------------


FOR IMMEDIATE RELEASE                                              July 11, 2000
- ---------------------

FOR JACOBS ENGINEERING GROUP INC.
- ---------------------------------

    John W. Prosser, Jr.
    Senior Vice President
    Finance and Administration
    (626) 578-6803

          Jacobs Terminates Acquisition Agreement with Stone & Webster


     PASADENA, CALIF. - Jacobs Engineering Group Inc. (NYSE: JEC) today
confirmed that they have terminated their previously announced agreement for the
acquisition of substantially all assets of Stone & Webster, Incorporated (OTC:
SWBIQ.OB).  The termination was a result of Jacobs not being the successful
bidder in the auction for the business of Stone & Webster in a proceeding under
Chapter 11 of the U.S. Bankruptcy Code.  While the transaction is subject to
bankruptcy court approval, it is anticipated that the sale to the successful
bidder will be approved at a court hearing on Wednesday, July 12, 2000.  Under
provision of the secured Revolving Credit Agreements between Stone & Webster and
Jacobs, all working capital advances made by Jacobs will be repaid upon approval
of the sale by the bankruptcy court.

    Jacobs President and CEO Noel Watson stated, "We are disappointed that we
lost this opportunity to diversify into the power market, however, when the
pricing of the transaction moved above our established range, we felt it was
best to withdraw from the bidding process."

    Jacobs Engineering Group Inc. is one of the world's largest providers of
professional technical services. With annual revenues exceeding $3 billion, the
company offers full-spectrum support to industrial, commercial, and government
clients in diverse markets. Services include scientific and specialty consulting
as well as all aspects of project execution and operations & maintenance.

    Any statements made in this release that are not based on historical fact
are forward-looking statements.  Any forward-looking statements made in this
release represent management's best judgement as to what may occur in the
future.  However, Jacobs' actual outcome and results are not guaranteed and are
subject to certain risks, uncertainties and assumptions ("Future Factors"), and
may differ materially from what is expressed.  For a description of Future
Factors that could cause actual results to differ materially from such forward-
looking statements, see the discussion under the section "Forward-Looking
Statements and Other Safe Harbor Applications" included in Management's
Discussion and Analysis filed as part of Exhibit 13 to the Company's 1999 Annual
Report on Form 10-K.